When you add up legal fees, lease fees, loss of rent, etc. it can add up.

The plan is to put the rentals in SCH E of our joint return and file with TurboTax-We live in Florida-Leases under my wife's name, Airbnb app under my name, dedicated bank account for all rentals activity in the name of both-We have umbrella policy for liability protection for the rentals-We leverage some contractors (for example cleaning lady for the Airbnbs or lawn maintenance guy) that we pay >$600 for their services in a year and they are not our employees.

It is a little slower to find a tenant, in our case maybe 3-4 weeks instead of 1-2 to get our average 10 applicants for 1 signed lease. 

in our area that is a real big deal.. we did another demo and left a few pieces of flooring an inspector came on our job determined they had asbestos in them and we violated taking asbestos items to the regular land fill.. that cost me 19k in fines and 18k in lawyer fees to keep the fines from being really big..

Does the condo have STR restrictions (some only allow one-year leases)?

I always make sure that the properties are cash flow positive, but the large bulk of the money I make from them is from the other items (appreciation, debt paydown, tax benefits, etc). 

Use surveys to gather feedback on their experience.When tenants feel valued and respected, they’re more likely to take care of the property and renew their leases, saving owners time and money.Fairness with VendorsVendors play a crucial role in maintaining properties, and treating them fairly ensures they remain reliable partners.

I didn't see a budget line item for furnishings, interior design, and amenities.

@Will Jones, we are in the process of putting an offer on a piece of land in where we will build a building for one of my businesses and then lease out the rest of the space.  

Depending how long your LTR was in there, you might need to fix or update a few items.